Steam Boiler Market

Market CAGR for steam boiler is being driven by the rising energy efficient boilers. Steam Boiler manufacturers are progressively manufacturing energy-efficient equipment to lower their carbon footprint and provide consumers with energy savings. The increase in energy-efficient appliances can be ascribed to tight government controls on electric home appliances and technological advancements. Low NOx standards are being developed to prevent or lessen the adverse impacts of NOx gases on the environment.

When fuel is burned at high temperatures, such as in water heaters, boilers, furnaces, and even car engines, a highly hazardous family of reactive gases is created because of the obvious negative environmental impacts of NOx, a rising number of boiler manufacturers are attempting to get ahead of the impending legislation. The major players in the steam boiler market are investing in research and development to improve steam boilers' thermal and overall efficiency. Given these considerations, technology advancements and investments in renovating aging power generation infrastructure are expected to provide profitable opportunities for the steam boiler market.

Most boiler system units now include Wifi functionality, allowing you to manage the unit from nearly anywhere via an internet connection.

Customers will increasingly be able to manage and monitor their boilers using applications on their mobile devices. With the rise of automation and IoT, firms aim to provide smart boilers that assist boiler attendants and operators promptly identifying possible energy losses and recommending tangible methods to remedy them. The efficiency assistant may even detect crucial conditions and examine the state of components based on their working mode. Global power demand is increasing at a rate of 2.1% per year. Rapid urbanization and industry, particularly in emerging nations, are attributable to rising power consumption.

Furthermore, the growing use of IoT and the Internet has increased demand for linked appliances and gadgets. The Industry 4.0 revolution has increased the use of cyber security, additive manufacturing, autonomous robots, system integration, and simulation. These trends have resulted in high power consumption. According to the IEA, electricity accounted for 19% of total final energy consumption in 2018 and is anticipated to increase to 24% by 2040.Thus, driving the Steam Boiler market revenue.

The Global Steam Boiler Market Industry is experiencing heightened demand from various industrial sectors, particularly in manufacturing and energy generation. As industries strive for efficiency and sustainability, steam boilers are increasingly utilized for their ability to provide reliable heat and power. In 2024, the market is projected to reach 17.2 USD Billion, reflecting a growing reliance on steam boilers to meet operational needs. This trend is likely to continue as industries adopt advanced technologies and seek to optimize energy consumption, thereby driving the market further.

Innovations in boiler technology are significantly influencing the Global Steam Boiler Market Industry. The development of smart boilers equipped with IoT capabilities allows for enhanced monitoring and control, leading to improved efficiency and reduced operational costs. These advancements enable industries to optimize their steam generation processes, thereby increasing productivity. As companies increasingly invest in modernizing their boiler systems, the market is poised for growth. The anticipated CAGR of 3.58% from 2025 to 2035 underscores the potential for technological integration to drive market expansion.

The oil and gas sector is a significant contributor to the Global Steam Boiler Market Industry, as steam boilers are essential for various processes, including refining and petrochemical production. The ongoing expansion of this industry, driven by rising energy demands and exploration activities, is likely to bolster the market. As the sector invests in upgrading its facilities to enhance efficiency and reduce emissions, the demand for advanced steam boilers is expected to rise. This trend may contribute to the market reaching 25.4 USD Billion by 2035, highlighting the sector's pivotal role in driving growth.

The Global Steam Boiler Market Industry is closely tied to the power generation sector, which continues to expand globally. As countries seek to diversify their energy sources and enhance grid reliability, steam boilers play a crucial role in thermal power plants. The increasing demand for electricity, particularly in developing regions, is likely to propel the market forward. With the market projected to reach 17.2 USD Billion in 2024, the power generation sector's growth is expected to be a key driver, fostering investments in steam boiler technology and infrastructure.

Stringent environmental regulations are shaping the Global Steam Boiler Market Industry, compelling manufacturers to adopt cleaner technologies. Governments worldwide are implementing policies aimed at reducing emissions and promoting energy efficiency. For instance, the introduction of regulations that mandate the use of low-emission boilers is pushing industries to upgrade their systems. This shift not only enhances compliance but also aligns with global sustainability goals. As a result, the market is expected to grow, with projections indicating a rise to 25.4 USD Billion by 2035, driven by the need for environmentally friendly solutions.

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Steam Boiler market area will dominate this market; the need for steam generators for the production of electricity has grown in the North American area due to rising population and power consumption, which has fueled the region's market expansion during the forecast period.

Furthermore, the major countries studied in the market report are The US, Italy, Spain, Canada, German, France, the UK, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Steam Boiler Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe has the second-largest market share for Steam Boilers. In particular, the F&B and chemicals sectors will boost the market's expansion. Additionally, regional governments and international financial institutions have launched programs to build new industrial hubs, which will support the installation of steam boilers. Furthermore, the German Steam Boiler market dominated, while the UK Steam Boiler market grew fastest in Europe.

From 2023 to 2032, the Asia-Pacific Steam Boiler Market will develop quickly with the increase in energy consumption across various industrial and processing sectors. Due to their durability and high operating efficiency, steam boilers are also becoming increasingly popular in the chemical, industrial, and other processing industries, which will ultimately fuel the expansion of the steam boiler market throughout the forecast period. Furthermore, China's Steam Boiler market had the highest market share, while India's was the fastest expanding in the Asia-Pacific region.

Leading market companies are extensively spending R&D on increasing their product lines, which will help the Steam Boiler market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Steam Boiler industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.

Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Steam Boiler industry to serve clients and expand the market sector. The Steam Boiler industry has provided some of the most important benefits recently. General Electric Co, GE Renewable Energy and other major competitors in the Steam Boiler market are seeking to improve market demand by investing in R&D efforts.

The corporation General Electric Co. provides both technology and financial services. It functions through the Power, Renewable Energy, Aviation, and Capital sectors. The Power division provides products, services, and technology for energy generation, such as gas and steam turbines, generators, and power generation services. The Renewable Energy division offers  hardware,offshore wind turbines, high-voltage equipment,solutions, products, and services to the hydropower industry, as well as wind turbine platforms,  and software. In May 2022, At the 26th annual ARC Industry Forum in Orlando, General Electric debuted the most recent version of their cutting-edge Manufacturing Execution System (MES), Proficy Plant Applications.

A supplier of technology, engineered solutions, and aftermarket services is Babcock & Wilcox Enterprises Inc (B&W). Its solutions strengthen clients' technology portfolios, match organizations with market shifts, and enable safe global expansion. Boilers, cooling systems,  emissions control, ash & material handling, controls & monitoring, and related parts are among the products the business offers. In addition, B&W offers field technical assistance, retrofit and upgrades, and other services. It provides services to clients in the power generating, industrial, chemical, and oil and gas industries throughout Europe, Asia Pacific,  the Americas, Africa, and other regions.

In June 2022, The world's largest net-negative carbon-dioxide (CO2) biomass-to-electricity facility will be built and delivered for Fidelis New Energy by Babcock & Wilcox Enterprises, Inc., using B&W's sophisticated biomass and patented OxyBrightä carbon capture technology.